Menzgold changes Mode of Operation as it goes Online today

Menzgold will today November 5, 2018 launch an online platform known as Menzgold Global Market

Gold dealership firm, Menzgold Ghana Limited has also said it will begin to pay its clients part of their initial gold collectibles value coming Friday November 9, 2018.

In a press statement on Sunday November 4, 2018, Menzgold explained its intent was to pay off the entire amount in 90 days from their previous release.

“As promised, we are glad to indicate that, fifteen percent (15%) off the initial gold collectibles values committed to the buying and selling on the Menzgold ‘Gold Vault Market’ would start on the 9th November, 2018…”

“These 15% percent termination payments would be made via bank transfers into beneficiaries’ bank accounts following a well-structured ‘transactions schedule’,” the statement said.

The statement explained that the schedule will take into consideration the date of trade commencement of clients, “whether a trader did receive any extra value payment since the trader’s trade commencement or not, how long the trader has been buying and selling gold collectibles on the Gold Vault Market, the total quantity and value of gold collectibles put up for trade on the Gold Vault Market, and the extra value payments frequency received by each trader since the trader’s gold buying and selling tenure on the Gold Vault Market”.

The statement also noted that Menzgold on Monday will launch an online platform known as Menzgold Global Market.

“Traders on the ‘Gold Vault Market’ which is an offline gold market, that has been plagued by the antecedents in the last two months, are advised to migrate onto the global online market at a fee,” the company advised.

This, Menzgold says “would keep customers’ gold buying and selling business actively in session on the online-market, to forestall any payment impediments in the subsequent months”.

“May we also express our heart-ache and the excruciating pain we feel, sharing in our cherished customers’ distress over the unpleasant matters in the last two months”.

“We however, assure our dear customers of our dedication to one cause only, which is our resolve to not rest or relent, until we offer them the best of service and satisfaction,” the statement said.

However, Deputy Minister of Finance has hinted that the Gold dealership company, Menzgold will not be in business again in Ghana.

Speaking at a JoyBusiness Financial Service Forum themed “The Changing Tide of Ghana’s Financial Service Sector: The Cause, The Cost, the Clean up” monitored by Ghanatalksbusiness.com, Deputy Finance Minister, Charles Adu Boahen disclosed that “With the Menzgold issue, I think it is clear that the end is here. He is done”

He also cautioned that irrespective of the fact that, Menzgold’s activities have been terminated, the management must pay every depositor’s money without fail.